February 2021

For 2021, oil demand is now anticipated to increase by 5.8 mb/d, revised down by around 0.1 mb/d from last month’s projection, to average 96.1 mb/d.

U.S. commercial crude oil inventories decreased by 9.9 million barrels to 476.7 million barrels.

OPEC has long maintained that oil will remain a dominant energy source in the decades to come.

To meet the global cumulative demand over the next 30 years, undeveloped and undiscovered resources totaling 313 billion barrels of oil need to be added to currently producing assets.

Turkey is a strategic European Union ally that helps the bloc's security and stability and provides diversification of energy resources,

China grid companies will steadily increase the amount of power purchased from clean generation sources from 28.2% in 2020 to 40% by 2030,

According to the Brazilian Association for Distributed Generation (ABGD), the DG segment will grow by over 50% during this year, closing 2021 with an installed capacity of more than 7GW.

Brent fell 35 cents, or 0.6%, to $61.12 a barrel. WTI slid 34 cents, or 0.6%, to $58.34 a barrel.

U.S. increases in net crude oil imports in 2021 and 2022 because domestic crude oil production and inventory draws alone will not meet the needs of U.S. refineries.

European stocks opened higher, with the STOXX 600 and London’s FTSE 100 up 0.3%. That followed a subdued Asian session as markets in China, Japan, South Korea and Taiwan were closed for holidays.